JPMorgan Stops Payments For Russian Grain

US bank JPMorgan this week stopped processing payments for the Russian Agricultural Bank, Russia said on Friday as it demanded action, not promises, from Washington to help Russian grain and fertilizer reach global markets, Michelle Nichols reported for Reuters.

Photo Insert: JPMorgan had handled some Russian grain export payments for the past few months with reassurances from Washington.

JPMorgan had handled some Russian grain export payments for the past few months with reassurances from Washington. However, that cooperation stopped this week, Russia's Foreign Ministry said.

"The direct channel between the Russian Agricultural Bank and JPMorgan ... was closed on Aug. 2," foreign ministry spokeswoman Maria Zakharova was quoted by Russian media as saying.

Moscow had allowed the safe export of Ukraine grain via the Black Sea for the past year under a deal it quit on July 17.

Russia has a list of demands it wants met before it will return to the deal. Under a related pact - also brokered in July 2022 - UN officials agreed to help Russian food and fertilizer exports reach global markets.

"As soon as this is done, this deal will immediately be renewed," Kremlin spokesman Dmitry Peskov told reporters on Friday. A key Russian demand is the reconnection of the Russian Agricultural Bank to the SWIFT payments system.

It was cut off by the European Union (EU) in June 2022 following Russia's invasion of Ukraine, Daphne Psaledakis and Simon Lewis also reported for Reuters.

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